Palm oil imports grow by 7% to reach $2.039 billion

The imports of palm oil into the country witnessed increase of 7.06 percent during the fiscal year 2017-18 as compared to the imports of the corresponding period of previous year.

Pakistan imported palm oil worth $2039.718 million during July-June (2017-18) against the imports of $1905.136 million in July-June (2016-17), showing growth of 7.06 percent, according to the data of Pakistan Bureau of Statistics (PBS).

In terms of quantity, Pakistan imported 2,843,350 metric tons of palm oil during the period under review against the imports of 2,606,841 metric tons last year, showing growth of 9.07 percent.

Meanwhile, the soybean oil imports also increased from $122.785 million during FY2016-17 to $135.995 million in FY2017-18, showing growth of 10.76 percent.

In terms of quantity, the soybean imports increased from 117,393 metric tons to 156,718 metric tons, showing growth of 33.50 percent.

Meanwhile on year-on-year basis, the palm oil imports into the country slipped down by 4.8 percent during June 2018 against the imports of June 2017. The palm oil imports during June 2018 were recorded at $151.398 million against the imports of $159.032 million, the data revealed.

On month-on-month basis, the palm oil imports decreased by 4.85 percent during June 2018 when compared to the imports of $159.112 million in May 2018.

On the other hand, the soybean imports into the country increased by 5.49 percent in June 2018 to $10.815 million compared to the imports of $10.252 million in June 2017.

On month-on-month basis, the soybean imports into the country increased by 133.82 percent in June 2018 when compared to the imports of $4.764 million in May 2018, the data revealed.

It is pertinent to mention here that the overall food imports into the country increased by 0.68 percent during July-June (2017-18) compared to corresponding period of last year. The food imports during the period were recorded at $6185.369 million against the imports of $6143.435 million, the data revealed.

(APP)